Loans > Loan Screens > Transactions Screen Group > Payment Reversal Screen

	Note: As of CIM GOLD version 7.9.3, a new screen (Loans > Transactions > Payment Adjustment) is available to use for reversing transactions. If your institution is using a compatible version of CIM GOLD, GOLDPoint System recommends using the new screen rather than this one.

To reverse a payment transaction:

1.Access the Payment Reversal screen in CIM GOLD from either the Loans > Transactions > Payment Reversal screen or the Loans > Transactions > CP2 screen, then the Reversal & Reapply tab (depending if that option is set up for your institution).

2.	In the Account field at the top of the CIM GOLD screen, enter the account number for which you want to reverse a payment, then click . The screen will display the transaction history for this account.

3.	Enter your teller number in the Teller Number field. For more information on how to set up tellers, see help for the Deposits > Definitions > Teller Information screen.

4.	Select the transaction you want to reverse. All transactions from that date to today's date will be selected.

It you want to assess a fee for this transaction, check the Assess checkbox and enter the amount of the fee for this reversal in the Amount field. You can also select a code to be associated with this fee. These are miscellaneous fee codes, as set up on the Loans > System Setup Screens > Client Code Setup > Miscellaneous Fee Codes screen.

6.	Click . The system asks if you want to reverse the selected transactions.

7.	Click <Yes> and the selected transactions will be displayed on the list view with the Reapply? column checked, as shown below:

ltprs_reapply

8.	Uncheck the Reapply? box for any transactions you do not want to reapply (i.e., for those transactions you do want to reverse). The word "Ignore" will be displayed in the Status column next to the unchecked boxes.

ltprs_ignore

9.	Click . The system asks if you want to reapply the selected transactions.

10.	Click <Yes>, and the Status column for the checked Reapply box states "Posted," and the status for the unchecked Reapply box states "Didn't Reapply." As in the example below, the top transaction was posted to the account, and the bottom transaction was reversed from the account.

ltprs_postdidntpost

11.

Check the Loans > History screen for this account to see if the transaction reversed correctly, as shown below. Loan payment reversals use tran code 608, and reapplied payments post with a tran code 600 regular payment. If a fee is also assessed with the payment reversal, the history will show tran code 660, along with the fee code description and fee amount.

ltprs_history

Loans > History Screen

To reverse payment transactions, make changes to interest or P/I, then reapply payment transactions:

Example:
A loan rate had a rate change nine months ago. The rate was adjusted to 12.9500%, but it should have been changed to 18.000%. As a result, all subsequent payments were applied incorrectly, making the principal balance and year-to-date interest wrong. The Transaction Reversal function allows you to reverse the transactions back to the point of the rate change, correct the rate and P/I payment by performing a file maintenance, and reapply the payments.

1.	Complete steps 1-7 above.

2.	Once you click reverse, you can enter the new rate information in the Rate field, and select the effective date in the Effective Date field, as shown below:

ltprs_ratechanges

3.	Enter the new principal and interest payment in the Payment field, and select the effective date in the Effective Date field, as shown below:

ltprs_pichanges

4.	Reapply those transactions with the new rate and P/I payment by checking each of the Reapply? boxes in the list view and clicking , as shown below. The selected transactions are reapplied to the account using the new interest rate and P/I requirements.

ltprs_ratechangereapply

The Loans > History, Detailed History tab displays tran code 0022, Loan File Maintenance. If you click on the tran code 0022 where the interest rate was changed, you'll see what the old interest rate was, as shown in the following example. This indicates that the system changed the old interest rate of 12.95000 to the new interest rate (18.000).

ltprs_intratefilemaint

Loans > History Screen, Detailed History Tab

If you click on the tran code 0022 where the principal and interest was changed, you'll see the date the principal and interest was changed, as well as the interest rate of the next principal and interest payment, as shown in the following example.

ltprs_dethistpipayment

Loans > History Screen, Detail History Tab

The Loans Account Detail screen displays any remaining amount due from previous payments (in the Partial Payment Due field), the amount still owing this frequency (in the Less Partial Payments Already Paid field), and the new interest rate, as shown below:

ltprs_acctdetail

Loans > Account Information > Account Detail Screen, Payment Detail Tab

ltprs_acctdetinterest

Account Detail Screen, Interest Detail Tab

Reversing Payment Transactions

Reversing Payment Transactions